More than a dozen foreign companies accused of selling stainless steel wire rod in the U.S. below fair market value will learn of their penalties Sept. 8.
The Commerce Dept. ruled this week that the companies, from Germany, France, Italy, Japan, South Korea, Sweden, and Taiwan, illegally "dumped" the rod and will have to pay penalties ranging from 3% to 34% of the shipments' value.
And while the dumping occurred more than a year ago, the Clinton Administration is signaling a renewed determination to keep unfair trade practices from taking a growth toll on the slowing U.S. economy. Indeed, as he announced the wire rod decision on July 21, Commerce Secretary William M. Daley said, "Foreign exporters must recognize that dumping cannot be the answer to economic problems in Asia and elsewhere in the world."